FG in trouble over Abacha loot-Swiss Envoy

Switzerland has decried what it termed lack of transparency in the Nigerian Government’s handling of repatriated $1bn funds looted by late Head of State, Sani Abacha.

This was lamented by the country’s Ambassador to Nigeria, Eric Mayoraz in Abuja at a forum on Asset Recovery hosted by the Embassy to discuss issues surrounding the late Abacha’s recovered assets.

Mayoraz said the Swiss Government insisted on the involvement of the World Bank in the management of the $322.5 million to ensure that the money was spent to alleviate the sufferings of the poor.

He said: “$752 million was returned in 2005 and we discovered more and more in other banks and that involved the $322.5 million that was repatriated earlier this year.

“Unfortunately, some of the assets that were returned, there was not so much transparency in it.

So, we have to introduce the World Bank to get involved in this so that this particular one can be used by the Nigerian Government with the monitoring of the World Bank.”